Top 3 Altcoins Catching the Eye of Crypto Titans This Week
Crypto News- Recent data from Santiment reveals a surge in transactions exceeding $100,000 on the Cardano network, indicating a strategic move by whales to stock up on ADA while it remains below the $0.5 mark. Observing the chart, we note a lull in transactions towards the end of May, with only around five transactions recorded before witnessing an uptick in June. Since May 31, ADA’s price has seen a commendable 6% increase.
In light of the 2023 suggestion by the US Securities and Exchange Commission (SEC) regarding the potential classification of tokens like ETH and ADA as securities, there has been a notable shift in sentiment. The recent approval of Ethereum spot ETFs has assuaged concerns around ETH, consequently alleviating fears of regulatory scrutiny on other assets. This newfound clarity on ADA’s status likely prompted the increased activity among larger holders, contributing to its recent momentum.
Shiba Inu Gains Momentum as Whales Take Interest
The resurgence of interest in Shiba Inu (SHIB) can be attributed to the anticipation of a significant movement in the Pepe price, which recently reached an all-time high. Historically, SHIB and PEPE have exhibited synchronized movements, leading investors to shift their focus back to SHIB following Pepe’s recent surge.
Examining the chart, we observe a decline in Shiba Inu’s price towards the end of May, accompanied by a decrease in transaction activity above $100,000. However, the tides turned in June, with SHIB’s price surging alongside spikes in transaction volumes, peaking on June 6 with approximately 39 whale transactions, up from the 18 recorded on May 31. During this period, SHIB saw a 5% increase in price.
JASMY Coin Rallies Amid Social Media Buzz
JASMY Coin has witnessed a surge in social media mentions this week, fueling speculation of a significant price movement. Notably, the token has surged by an impressive 48% since May 31, with technical indicators hinting at further upside potential. Currently trading just shy of its all-time high of $0.0425, as recorded on Tuesday, JASMY appears poised for continued growth.
Similarly to ADA and SHIB, JASMY has seen a doubling in whale transactions, with approximately 8 recorded in June compared to around 3 in May. The bullish outlook for these tokens aligns with the potential for profits from Bitcoin to flow into altcoins, potentially catalyzing a broader altcoin rally. With heightened whale activity, ADA, SHIB, and JASMY could be primed for further gains as they emerge as top picks among investors.
Frequently Asked Questions (FAQ)
Why did the price of Cardano fall below $0.5?
There could be several reasons why the price of Cardano fell below $0.5. There might have been a general downturn in the crypto market, or a specific news event impacting the market. Additionally, some investors may have chosen to buy ADA at a specific price level. For example, when an asset shows a downward trend below a certain support level, it may be seen as an attractive buying opportunity by investors.
What is the SEC’s proposal to classify tokens like ETH and ADA as securities?
The U.S. Securities and Exchange Commission (SEC) has proposed that tokens such as Ethereum (ETH), Cardano (ADA), and others should be classified as securities. This proposal suggests that these tokens should be considered investment contracts and therefore subject to federal securities laws. This classification could have significant implications for their regulation and the broader cryptocurrency market.
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